US-China trade deal reached

The White House announced on Sunday that the US and China have reached a trade deal after two days of trade talks in Geneva.

According to CNN, the US and China have agreed to significantly reduce tariffs on each other’s goods for a period of 90 days.

The two countries announced in a joint statement that the US will temporarily reduce its tariffs on Chinese goods from 145% to 30%, while China will reduce its tariffs on imports of US goods from 125% to 10%.

The statement was made on Monday (May 12) after intensive trade talks between representatives of the two countries in Geneva and also led to increased optimism in global markets.

The statement said: “These talks could be held periodically in China, the United States, or a third country as agreed by the parties.